When it comes to taking qualified deductions on your tax return, having proper documentation to prove your expense is a must. Here are some typical areas that taxpayers often fall short, costing them plenty during tax filing season and during IRS audits: 1. Cash donations to charity. To deduct and support your donation to

One of the more common tax questions is whether you need to file a federal tax return this year. The answer is: it depends. But not filing a tax return when you should can cost you plenty. Here are some quick tips to help you determine your answer. Income thresholds matter If your gross

As a result of new laws, many home related tax rules have changed and now require you to prove how funds are used to qualify for a deduction. This is catching many taxpayers by surprise. When your mortgage company reports tax-related information to you on the IRS Form 1098, all the interest and points

Each year, the IRS audits over 1 million tax returns. With agency resources shrinking, the IRS is more selective when choosing tax returns to audit. Knowing what the IRS is looking for can help you understand and reduce your audit risk. Here are five of the biggest reasons the IRS may choose to audit

For new parents, information is coming from every direction – feeding times, car seats, sleep schedules, strollers, child development and of course ... taxes. What most new parents do not consider is that this little bundle of joy just complicated their tax situation!Whether you are a new parent, grandparent, or know someone who is expecting,

The following is a summary of important tax developments that occurred in October, November, and December of 2018 that may affect you, your family, your investments, and your livelihood. Please call us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to

The end of the year has arrived. Here are a handful of charitable donation strategies to consider if you want to boost your tax deductions for 2018: 1. Audit-proof your claims. The IRS imposes strict substantiation rules for charitable donations. In fact, you're required to keep records for all monetary contributions, no matter how

The tax term head of household is one of the more misunderstood tax phrases inside the U.S. tax code. However, if your situation warrants head of household status, there are two big tax benefits. First, a higher standard deduction. Second, lower effective tax rates for virtually every income level. This is great, but only

There's no doubt you've seen an email touting a too-good-to-be-true offer in your inbox every now and then. Random pleas from mysterious people who need your help recovering inheritances they promise to share with you probably makes you shake your head and hit delete. But what do you do when an email says it's

When it comes to taxes, being self-employed has some advantages. Whether you work for yourself on a full-time basis or just do a little moonlighting on the side, the government has provided you with a variety of tax breaks: • Build up your retirement funds. When you're self-employed, you're allowed to set up a